Axsome Therapeutics price target raised to $130 from $127 at RBC Capital

RBC Capital raised the firm’s price target on Axsome Therapeutics to $130 from $127 and keeps an Outperform rating on the shares. The strength of Auvelity’s IP is a major point of sensitivity for Axsome shares given the drug’s potential $3B in sales across lead indications such as MDD and AD agitation, and the firm’s consultation with a patent attorney suggests that extension of that exclusivity to 2040 from 2034 is “defensible” and “more likely than not”, the analyst tells investors in a research note.